(vii) Market Making Program Liquidity is vital to the success of all publicly traded securities in order to attract investment capital and continue to grow. In order to foster the strongest marketplace possible, the TSX Market Maker Program sets out various obligations and incentives for Participating Organizations acting in the role of a formal TSX market maker (a “Market Maker”). TSX typically assigns Market Makers for ETFs per the Issuer’s request in relation to its designated broker agreements. Market Maker obligations include but are not limited to: augmenting liquidity, ensuring a competitive two-sided market exists on TSX during continuous trading hours, monitoring the market opening and interacting where necessary, filling odd lots at the Protected NBBO (National Best Bid and Offer), and reporting unusual behavior to the appropriate regulators and authorities. A Market Maker’s performance in regards to their obligations is monitored and assessed on a monthly basis and appropriate actions are taken when underperformance is identified. ETF Issuers may also request a change to their Market Maker. For more in depth information regarding the TSX Market Maker Program, please see section 3.1 of the TSX Market Making Program Guide which is available at: tsx.com/ebooks/en/market-making. 18
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